Study global trade and international markets
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International Economics is available on both platforms
iPhone/iPad: download the single MasterNow app from the App Store — International Economics is included with all subjects. Android: download the dedicated International Economics subject app from Google Play.
226
Sub Topics
615
MCQs
315
MCOs
467
True/False
247
Fill Blanks
88
Rearrange
240
Matching
150
Comprehensions
240
Flashcard Decks
Curriculum
What You'll Learn
01 Introduction to International Economics 3 topics
1 The Scope of International Economics
- Distinction Between International and Domestic Economics
- Globalization and Its Dimensions
- Historical Evolution of International Economic Relations
2 Major International Economic Issues
- International Trade
- Balance of Payments
- Exchange Rates
- International Capital Flows
3 International Economic Institutions
- World Trade Organization (WTO)
- International Monetary Fund (IMF)
- World Bank
- Regional Economic Organizations
02 Classical Theories of International Trade 4 topics
1 Mercantilism
- Core Principles and Historical Context
- Critiques of Mercantilism
2 Absolute Advantage Theory
- Adam Smith's Contribution
- Limitations of Absolute Advantage
3 Comparative Advantage Theory
- Ricardo's Model
- Opportunity Cost and Production Possibilities
- Trade with Constant Costs
- Gains from Trade
4 The Classical Model in Practice
- Empirical Tests of Comparative Advantage
- Contemporary Relevance of Classical Theories
03 Neoclassical and Modern Theories of Trade 5 topics
1 Heckscher-Ohlin Model
- Factor Endowments Theory
- Factor Price Equalization
- Stolper-Samuelson Theorem
- Rybczynski Theorem
2 Leontief Paradox and Its Implications
- Empirical Findings
- Explanations for the Paradox
3 New Trade Theory
- Economies of Scale
- Imperfect Competition
- Product Differentiation
- Intra-industry Trade
4 Strategic Trade Policy
- Theoretical Foundations
- Application to High-Tech Industries
- Critiques and Limitations
5 Gravity Model of Trade
- Theoretical Framework
- Empirical Applications
04 Trade Policy Instruments 5 topics
1 Tariffs
- Types of Tariffs
- Economic Effects in Small Countries
- Economic Effects in Large Countries
- Optimal Tariff Theory
2 Non-Tariff Barriers
- Quotas and Import Licensing
- Voluntary Export Restraints
- Technical Barriers to Trade
- Sanitary and Phytosanitary Measures
3 Export Subsidies and Domestic Support
- Types of Subsidies
- Economic Effects
- Agricultural Support Programs
4 Trade Remedies
- Anti-dumping Measures
- Countervailing Duties
- Safeguard Measures
5 Environmental and Labor Standards
- Trade-Environment Linkages
- Labor Standards in Trade Agreements
- Policy Coordination Challenges
05 Trade Agreements and Economic Integration 5 topics
1 The World Trade Organization
- Historical Evolution from GATT to WTO
- Core Principles and Functions
- Dispute Settlement Mechanism
- Doha Development Agenda
2 Regional Trade Agreements
- Theoretical Framework
- Trade Creation and Trade Diversion
- Welfare Effects of Regional Integration
3 Forms of Economic Integration
- Free Trade Areas
- Customs Unions
- Common Markets
- Economic and Monetary Unions
- Political Unions
4 Major Regional Blocs
- European Union
- North American Free Trade Agreement/USMCA
- ASEAN and RCEP
- MERCOSUR
- African Continental Free Trade Area
5 Multilateralism vs. Regionalism
- Complementarities and Conflicts
- Building Blocks or Stumbling Blocks?
06 Balance of Payments 4 topics
1 Balance of Payments Accounting
- Double-Entry Bookkeeping
- Current Account
- Capital and Financial Account
- Official Reserves Account
2 Balance of Payments Equilibrium and Disequilibrium
- Concept of Equilibrium
- Types of Disequilibria
- Adjustment Mechanisms
3 Current Account Imbalances
- Causes of Persistent Imbalances
- Global Saving Glut Hypothesis
- Policy Responses to Imbalances
4 Capital Flows and Financial Account
- Foreign Direct Investment
- Portfolio Investment
- Other Investment
- Reserve Assets
07 Foreign Exchange Markets and Exchange Rate Determination 4 topics
1 Structure of Foreign Exchange Markets
- Spot Markets
- Forward Markets
- Futures and Options Markets
- Market Participants
2 Exchange Rate Determination
- Purchasing Power Parity Theory
- Interest Rate Parity Theory
- Asset Market Approach
- Balance of Payments Approach
3 Exchange Rate Dynamics
- Overshooting Model
- Currency Crises Models
- Speculative Attacks
4 Foreign Exchange Risk Management
- Types of Exposure
- Hedging Strategies
- Corporate Practices
08 Exchange Rate Regimes 5 topics
1 Fixed Exchange Rate Systems
- Gold Standard
- Bretton Woods System
- Currency Boards
- Dollarization and Currency Unions
2 Flexible Exchange Rate Systems
- Clean Floating
- Managed Floating
- Crawling Pegs
3 Intermediate Exchange Rate Regimes
- Target Zones
- Adjustable Pegs
- Crawling Bands
4 Optimal Currency Areas
- Theoretical Criteria
- The Euro Area as an OCA
- Costs and Benefits of Monetary Integration
5 Exchange Rate Regime Choice
- Determinants of Regime Choice
- The Impossible Trinity
- Fear of Floating
09 International Macroeconomic Policy 4 topics
1 Open Economy Macroeconomics
- Mundell-Fleming Model
- IS-LM-BP Framework
- Policy Effects Under Different Exchange Rate Regimes
2 Monetary Policy in Open Economies
- Transmission Mechanisms
- International Policy Coordination
- Sterilization Operations
3 Fiscal Policy in Open Economies
- Twin Deficits Hypothesis
- Fiscal Multipliers in Open Economies
- Fiscal Sustainability and External Balance
4 International Policy Coordination
- Game Theory Approach
- G7/G20 Coordination Efforts
- Currency Wars and Competitive Devaluations
10 International Financial Crises 4 topics
1 Types of Financial Crises
- Currency Crises
- Banking Crises
- Sovereign Debt Crises
- Twin and Triple Crises
2 Crisis Theories and Models
- First-Generation Models
- Second-Generation Models
- Third-Generation Models
- Contagion Effects
3 Case Studies of Major Crises
- Latin American Debt Crisis (1980s)
- ERM Crisis (1992-93)
- Asian Financial Crisis (1997-98)
- Global Financial Crisis (2008-09)
- European Sovereign Debt Crisis (2010-12)
4 Crisis Prevention and Management
- Early Warning Systems
- IMF Programs and Conditionality
- Capital Controls During Crises
- Post-Crisis Reforms
11 International Capital Mobility 5 topics
1 Types of Capital Flows
- Foreign Direct Investment
- Portfolio Investment
- Banking Flows
- Official Flows
2 Determinants of Capital Flows
- Push Factors
- Pull Factors
- Institutional Quality
3 Benefits and Risks of Capital Mobility
- Growth and Development Effects
- Financial Stability Issues
- Sudden Stops and Capital Flight
4 Capital Account Liberalization
- Sequencing of Reforms
- Preconditions for Liberalization
- Country Experiences
5 Capital Controls
- Types of Controls
- Effectiveness of Controls
- Prudential Regulations vs. Capital Controls
12 International Monetary System 5 topics
1 Historical Evolution
- The Gold Standard Era
- The Interwar Period
- Bretton Woods System
- Post-Bretton Woods System
2 International Reserves
- Composition of Reserves
- Reserve Adequacy
- Reserve Accumulation Trends
3 International Liquidity
- Sources of International Liquidity
- Special Drawing Rights
- Swap Arrangements
4 International Financial Architecture
- Role of the IMF
- Regional Financial Arrangements
- Reform Proposals
5 Future of the International Monetary System
- Dollar Dominance and Challengers
- Multipolar Currency System
- Digital Currencies and CBDCs
13 International Trade and Economic Development 5 topics
1 Trade Strategies for Development
- Import Substitution Industrialization
- Export-Oriented Industrialization
- Hybrid Approaches
2 Trade and Growth
- Theoretical Linkages
- Empirical Evidence
- Channels of Impact
3 Trade and Poverty
- Direct and Indirect Effects
- Distributional Consequences
- Complementary Policies
4 Trade Policy for Developing Countries
- Special and Differential Treatment
- Aid for Trade
- Trade Facilitation
5 Global Value Chains and Development
- GVC Participation Strategies
- Upgrading in GVCs
- Policy Implications
14 International Factor Movements 4 topics
1 International Labor Migration
- Determinants of Migration
- Economic Effects on Sending Countries
- Economic Effects on Receiving Countries
- Remittances and Development
2 Foreign Direct Investment
- Theories of FDI
- Determinants of FDI Flows
- Impact on Host Countries
- Impact on Home Countries
3 Multinational Enterprises
- Theories of MNEs
- Organizational Structure
- Transfer Pricing
- Regulation of MNEs
4 Technology Transfer
- Channels of Transfer
- Absorptive Capacity
- Intellectual Property Rights
- Indigenous Innovation
15 Global Challenges in International Economics 5 topics
1 Climate Change and International Trade
- Carbon Leakage
- Border Carbon Adjustments
- Environmental Provisions in Trade Agreements
- Green Subsidies and WTO Rules
2 Digital Trade and E-Commerce
- Measurement Issues
- Regulatory Frameworks
- Digital Trade Agreements
- Taxation of Digital Services
3 Global Value Chains and Reshoring
- Evolution of GVCs
- Resilience vs. Efficiency
- Nearshoring and Friendshoring
- Policy Implications
4 Income Inequality and Globalization
- Theoretical Linkages
- Empirical Evidence
- Policy Responses
5 International Economic Governance
- Reform of International Organizations
- Global Public Goods
- Fragmentation vs. Cooperation
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